AD Capital-owned Spring REIT to raise $229m in HK IPO
Spring REIT, a real estate investment trust owned by AD Capital, is looking to raise up to $229 million through a Hong Kong IPO. The REIT owns two office buildings in Beijing's China Central Place.
According to the prospectus, a total of 439.5 million share units will be made available under the offering, at HK$3.81-4.04 apiece. Of these, 341.5 million share units are being sold by AD Capital's RCA Fund while the rest are new equity.
The REIT will offer investors direct exposure to the properties in Beijing's central business district, and the REIT manager intends to acquire additional real estate.
The profit attributable to unit holders from the expected date of listing, December 5, to the end of the year is forecast to be not less than $1.2 million, with $2.1 million in annual distributable income.
AD Capital is owned by the Development Bank of Japan and Asuka Asset Management.
Credit Suisse and Mizuho are joint bookrunners of the offering.
In July Carlyle-backed New Century Real Estate Investment Trust raised HK$676 million ($87 million) from a trimmed Hong Kong IPO. It sold 193 million shares, instead of the original 470 million shares, at the bottom of the same indicative price range of HK$3.50-$4.20 per share.
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